Monzo Bank: A Digital, Mobile-only Bank in the UK
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Case Code: BSTR574 Case Length: 14 Pages Period: 2015-2019 Pub Date: 2019 Teaching Note: Available |
Price: Rs.400 Organization: Monzo Bank Limited Industry: Banking Countries: United Kingdom Themes: Digital Banking, Digital-only Bank Unicorn, App-based Banking, European Banking Industry, FinTech Start-up, Start-up Unicorn, Vertical-Industry Structure, Mobile-only Bank, Mobile Banking, Mobile Banking |
Abstract Case Intro 1 Case Intro 2 Excerpts
Background
In June 2015, Blomfield, a British entrepreneur and co-founder of Starling Bank Limited (Starling), along with four other members from Starling Bank, founded a mobile app-based bank in the UK under the name Mondo Bank (Mondo). Blomfield had observed that the big traditional banks were charging high foreign transaction fees and many other typical bank fees from customers. The aim of launching Mondo was to provide customers a no-fee, mobile-based solution that would eliminate physical branches, checks, and much of the friction that was part of a traditional bank offering. In June 2015, Mondo launched an equity crowdfunding campaign through the Crowdcube investment platform and raised £4 million. It capped the investment per person at £1,000 in an attempt to allow as many people as possible to invest in the company...
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